You should probably set up your limited liability company (LLC) in the state you live in. If you choose to form your LLC in a different state from the one you’ll be doing business in, your company will be forced to complete more formalities and pay more in taxes and fees. By doing this, you’re “qualifying to do business” in that other state. Each state has its own requirements for a company to register as a foreign entity so it’s hard to delve into particulars without knowing more. It’s worth noting that failing to qualify your LLC can lead to heavy fines and a loss of your personal liability so it’s important to comply with each state’s requirements. Despite this, it still may be in your best interest to form in Nevada considering it has no business income tax, franchise fees, capital gains tax, state corporation tax or inheritance tax. An attorney should assess the situation for you.
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